The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has defended the president’s economic policies, insisting that Nigeria has made significant progress since the current administration assumed office in May 2023.
Onanuga rejected claims that the country’s economic situation had worsened under Tinubu, arguing that improvements in food prices, foreign exchange availability, foreign reserves and investment showed that the government’s reforms were yielding positive results.
The presidential aide made the remarks in a statement shared on his X account in the early hours of Friday, October 16, 2026, while reacting to an interview aired on Arise News.
He criticised some television presenters for questioning the reported decline in inflation and suggesting that Nigerians had yet to experience meaningful improvements under the Tinubu administration.
According to Onanuga, such arguments ignore economic developments and reflect the position of opposition groups rather than an objective assessment of the country’s situation.
Onanuga Cites Decline In Rice Prices
To support his position, Onanuga pointed to the reported reduction in the price of rice, one of Nigeria’s most widely consumed food items.
He challenged journalists questioning the government’s economic performance to visit markets and assess food prices for themselves.
The presidential aide recalled that a bag of rice had previously sold for as much as ₦120,000 but claimed that the price had now fallen below ₦50,000 in some locations.
He added that a bag of rice in his hometown was selling for approximately ₦45,000.
Onanuga argued that the reported reduction in food prices supported the National Bureau of Statistics’ data indicating that inflation was easing.
He maintained that critics should examine developments in markets instead of dismissing official inflation figures or insisting that the government had achieved nothing.
The presidential aide said the administration had recorded what he described as tremendous progress since Tinubu took office.
He also cited the support of 33 state governors for the president as an indication of confidence in his leadership.
According to Onanuga, the continued criticism of the administration fails to recognise the economic changes taking place under Tinubu.
Foreign Reserves Nearing $60 Billion
Onanuga also identified Nigeria’s foreign reserves as another indication of the country’s economic progress.
He claimed that the reserves were approaching $60 billion, presenting the figure as evidence that the economy was improving under the current administration.
The presidential aide further stated that Nigerians could now use their naira-denominated bank cards for transactions abroad, describing this as a development that had previously been difficult or impossible during earlier periods of foreign exchange shortages.
He added that business owners could now access the foreign exchange required to import raw materials, machinery and other equipment needed for their operations.
Onanuga argued that improved access to foreign exchange would help businesses operate more effectively and support economic activity.
His comments come amid continued public debate over the impact of the Tinubu administration’s economic reforms, particularly the removal of petrol subsidies and changes to the foreign exchange market.
While the government has defended the measures as necessary to stabilise the economy, Nigerians continue to express concerns about the cost of living and the affordability of essential goods and services.
Onanuga Defends Foreign Investment Inflows
The presidential aide also dismissed claims that foreign investors returning to Nigeria were mainly interested in portfolio investments, which typically involve investments in financial assets such as stocks and bonds.
He argued that foreign direct investment was also contributing to the country’s economic activity.
According to Onanuga, foreign direct investors bring capital into the country and can establish businesses, expand existing operations and create employment opportunities for Nigerians.
He further claimed that Nigerians accounted for nearly 90 per cent of participation in the country’s stock market.
Onanuga maintained that these developments showed that the economy was attracting investment and that the benefits of the administration’s policies extended beyond activity in the financial markets.
He urged commentators to assess the country’s economic performance objectively rather than dismissing the government’s achievements on political grounds.
Tinubu Has Laid A Solid Economic Foundation, Aide Says
Onanuga attributed what he described as Nigeria’s economic progress to the foundation laid by Tinubu through his administration’s reforms.
He expressed confidence that the president’s policies would position the country for greater economic growth and shared prosperity.
The presidential aide also warned against what he described as excessive partisanship and hostility towards the president, arguing that such attitudes could prevent critics from acknowledging positive developments.
He insisted that the administration had taken steps to improve foreign exchange access, attract investment and address economic challenges.
However, the impact of these reforms remains a subject of debate, with many Nigerians continuing to assess the government’s claims against their everyday experiences with food prices, transportation costs, housing and other basic necessities.
Onanuga’s latest remarks add to the ongoing political and economic debate over Tinubu’s performance as president and whether the benefits of the government’s reforms are reaching ordinary Nigerians.
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